Oil quickly skids to the lows of the day as natural gas sinks
It's not clear what's behind the selling
A drop in natural gas prices appear to have led a fall in oil.
Natural gas is down nearly 5% on the day and all the selling has come in the past 20 minutes. In turn, WTI crude oil is down $1 to $52.79, also on a quick move.
In terms of news, it's tough to find a real catalyst. the CEO of Aramco's trading company says Aramco is processing all kinds of crude at full capacity from the repaired facilities at Abqaiq and Khurais. I hardly see that as anything that could justify this kind of move. A separate report cites him saying that the company will handle 6m bpd of volume in 2022 vs 4.5m bpd now.
In any case, the drop in oil has lifted USD/CAD back above 1.3100.